Google Ventures to open European offices in London

Complete with a $100 million kitty

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Google Ventures is coming to Europe, according to Bill Marris, managing partner at the VC arm of Google. The search giant has set its sights on London's Clerkenwell area - a stone's throw from Old Street's Silicon Roundabout - for its headquarters.

The five-year old entity will receive initial funding of $100 million (about £67 million, AU$ 110 milion) to support the next generation of European entrepreneurs.

Explaining the rationale behind the decision, Marris said that Google believed the continent's startup scene had "enormous potential".